Iraq Economic News and Points to Ponder Wednesday AM 9-27-23
“An Anomalous Case”… Economic Criticism Of Dealing In The Dollar In Local Markets
September 26 19:07 Information/private.. Today, Tuesday, economic expert Hazem Hadi criticized the dealing in the dollar in local markets, while he considered this situation “an anomaly,” among the main reason behind the high exchange rate.
The economic expert, Hazem Hadi, said in an interview with the Maalouma Agency, “The market is governed by supply and demand. If demand exceeds supply, this will lead to a rise in the dollar, but the central bank will try gradually and by all means and methods to limit the unjustified rise.”
He added, “Limiting dealing in the dinar is important because it is the national currency,” considering dealing in the dollar internally “an anomalous case, since most countries deal in their local currency internally.”
The economic expert explained that “measures to limit dealing in the dinar internally will lead to reducing demand for the dollar, and as long as demand decreases, it will affect supply,” indicating that “the main problem is not internal demand, but rather external demand.”
He stressed the need to “reduce random and unjustified import operations, as most of the supplies of goods and services have no economic feasibility.”
Earlier, a member of the House of Representatives, Muhammad Al-Sayhoud, confirmed that “there are local internal agendas, as well as international forces, that insist on the dollar remaining at this height,” pointing out that “the dollar is a major project whose goal is to force the government to follow a path that these international forces desire.” “.
The series of rise in the dollar exchange rates in Iraqi markets is still continuing, amid conflicting opinions about the real reasons that led to the exhaustion of the local currency again, especially as it began to rise to levels that warn of a great danger to the country’s economy. LINK
Fraud In The Circulation Of The Million-Dollar Currency.. These Are The Iraqi Legal Articles Specialized In That
09-27-2023 | 1,479 views Al-Sumaria News – Local Judge Habib Ibrahim Hamada spoke about fraud in the circulation of the million-dollar currency and the Iraqi legal materials relevant to that.
Hamada mentioned in an article he published in a newspaper Supreme Judicial Council The dollar is the official currency in United States of America It is traded in many countries of the world and is known as the green paper, which is the basic monetary unit of currency United States of America It is approved for commercial and economic exchange.
It is not printed from paper as is the case with other currencies, but rather it is made from cotton and linen in varying proportions. It contains two stripes in red and blue, which are made of forgery-resistant silk. The shelf life of the paper is 18 years, and the dollar is symbolized by the symbol ($).
Which was used as a result of the development of Spanish or Mexican letters. Previously, the symbol was (PS), which is an abbreviation for the word peso. Then the letter (p) evolved over time to be written in the form ($), which was later changed to (USD), which is an abbreviation. for the phrase united states dollar .
He added, “He takes care of it Federal Reserve System In the United States of America, the management of monetary policy in the country as it is the state’s central bank, and under the provisions of Article One of Section Eight of the American Constitution, the American Parliament (Congress) has the authority to issue the law regarding currency minting, and accordingly the dollar was issued in accordance with the provisions of the law.
Instrument (Basic Monetary Act) of April 2, 1792 during the era of the former US President Thomas Jefferson According to it, the dollar became a standard or financial unit of account United States of America Especially after the establishment of the American Mint House.
The dollar dominated the global financial system after World War II, following a treaty Peyton Woods in 1944, which resulted in the establishment of the World Bank International Monetary Fund And it was assigned International Monetary Fund With the mission of ensuring global financial stability, in order to avoid global financial crises such as the one that occurred in 1929, that treaty included adopting the dollar as the main currency to determine the prices of other countries, as it is denominated in gold, and as a result, countries took the initiative to fix the exchange rate of their currencies against the dollar, according to Hamada.
He continued, “The value of the dollar is one hundred cents, and it is in several denominations, the highest of which is the denomination of one hundred US dollars, with the exception of the paper that was issued in the period from December 18, 1934 until January 9, 1935, which is the denomination of one hundred thousand dollars and is called the gold certificate, which was used in transactions between… Banks and subsidiaries Federal Reserve System It was not released for circulation among individuals.”
He pointed out that the American millionaire, Terry Stewart, took the initiative in the middle of the last century, who founded the International Association of Millionaires, to propose the idea of issuing and printing a million dollar bill, to express wealth and satisfy the members’ desires for freedom and wealth.
He obtained the approval of the American government for this, and also obtained the approval of the Ministry of Foreign Affairs. The Treasury and the Secret Service offices agreed to sell this paper as a commemorative coin for five dollars per paper, provided that its price is reduced whenever the demand for it is high, and since this souvenir paper has been misused by many people in America and mafia gangs in committing fraud crimes through it through deception.
It was sold and sold for sums of money ranging from fifty to one hundred thousand US dollars in a way that led to problems for the US Treasury due to dealing with it in bad faith for the purpose of generating illegal financial resources, which prompted the US Secret Service Bureau in 1990 to oblige the American Millionaires Association to stop printing it. And selling it, but that did not prevent the association from continuing to print and sell the million-dollar commemorative coin.”
He explained, “Continuing to print and sell that paper has resulted in the spread of fraudulent crimes involving the circulation of the million-dollar currency in many countries of the world, including Arab countries such as Egypt, Morocco, Libya, and…Iraq
Many people were arrested who were in possession of that paper and took the initiative to use it in circulation by offering it for sale in various ways, whether directly or through various types of social media, which played an important role in offering that paper to the public at allegedly high prices.
It is a banknote that can be dealt with legally in a way that has led to many people becoming victims of these illegal acts, since the sold paper has no financial value except that it is used as a souvenir paper, and as a result of the repeated commission of such crimes in Iraq
It has been issued Central Bank of Iraq The Issuance and Treasury Department issued a statement in the tenth month of 2019 stating that (recently, there has been an increase in the promotion of souvenir notes in the denomination of one million US dollars, which are used by weak-minded outlaws for the purpose of defrauding citizens, and it is a souvenir note that is not circulated in the currency markets. Global issued by American Millionaires Association This note is not considered a banknote because it was not issued by US Federal Bank
It does not represent any financial instrument, and is used for the purpose of gifting only. The highest denomination in circulation for the US dollar is the $100 denomination. Despite issuing that statement and publishing it through various media outlets, it is noted that this did not prevent the continuation of committing the crime of dealing with that paper.
It must be noted that, for the purpose of clarifying the legal qualification of the accused’s action when he commits the crime of dealing in a million dollar bill, Article (49/F) of Central Bank of Iraq Law No. 2004 has explicitly stated that (the phrase…fake symbolic currencies means) professional stamps, forged postage stamps or other symbols of their fixed value that are forged by any technical or simple method or that involve fraud and deception. This concept also includes original coins or paper currencies.
Which do not have the value of money….), as Article (53) thereof stipulates that (every person who, with the intention of defrauding, with knowledge of this, (manufactures, produces, sells, or possesses) anything with the intention of using it in fraudulent acts instead of cash currencies) coins or symbolic currencies..
He is committing a felony punishable by law by paying a fine not exceeding twenty-five million dinars or imprisonment for a period not exceeding two years or both, according to Judge Hamada.
He added, “Although the above-mentioned text could be applied when the crime of trading in a million-dollar currency is committed by the trial court, what is noted is the poor legal wording in the use of legal terminology that accurately expresses the committed crime, since it included that the crime is a felony crime while it was stated as The custodial penalty contained therein is one of the penalties imposed for misdemeanor crimes, and the text was supposed to include the penalty prescribed for felony crimes, which is imprisonment for a period of not less than five years, on the one hand.
On the other hand, the text touched on the penalty of a fine initially and then stated the custodial penalty later. It was supposed to The last penalty will be stated starting and the fine penalty will be determined later.
In any case, we have found that imposing a two-year prison sentence when committing the crime of trading in a million dollar currency may not be an appropriate punishment for the act committed, especially since this crime is related to the national economy and does not achieve its purpose in General and specific deterrence As the resulting material damage may have negative effects on the individual and society, which requires legislative treatment by amending the aforementioned text for this purpose LINK
Points to Ponder on HOPE:
If we all worked on the assumption that what is accepted as true is really true, there would be little hope of advance. — Orville Wright
You believe that easily which you hope for earnestly — Edward Bulwer-Lytton
In all things it is better to hope than Despair – Goethe
You cannot put a great hope into a small soul — J L Jones
The future is lighted for us with the radiant colours of hope. Strife and sorrow shall disappear. Peace and love shall reign supreme — John Fiske
All the Saints of God are there to protect me, to sustain me and to carry me. And your prayers, my dear friends, your indulgence, your love, your faith and your hope accompany me. — Pope Benedict XVI
People crushed by laws, have no hope but to evade power. If the laws are their enemies, they will be enemies to the law; and those who have must to hope and nothing to lose will always be dangerous.
Edmund Burke